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Dfyn to burn $50 million worth of tokens and change vesting for investors Dfyn to burn $50 million worth of tokens and change vesting for investors

Dfyn to burn $50 million worth of tokens and change vesting for investors

The AMM DEX is rebasing its tokenomics alongside a new vesting period for investors.

Dfyn to burn $50 million worth of tokens and change vesting for investors

Cover art/illustration via CryptoSlate

Dfyn Exchange, one of the earliest AMM DEXs built on Polygon has announced a new tokenomics upgrade to its DFYN tokens which would see over $50 million worth of the asset burnt by the network.

According to a press release shared with us, Dfyn revealed that the change to its tokenomics is geared towards benefiting its global community and at the same time help to propel the growth and development of the Dfyn ecosystem.

Dfyn exchange to burn $50 million token

Per the release, there would be a โ€œ20% quantity rebase across all categories in our tokenomics. The effective total supply will reduce from 250 Million to 200 Million, as 50 Million tokens will be burnt across all categories of the tokenomics – All categories,ย  Ecosystem fund, Partners & Advisors, NFT Airdrops, Liquidity Provision Fund, Team, Seed, and Private Sale will see their tokens reduced by 20%.โ€

The AMM DEX believes that with this new burning mechanism, it would be able to reduce about one-third of the current inflation battling the network. This way, the value of the token could rise and at the same time, it would be able to incentivize its use in liquidity programs and other expansions into other chains.

Introduces vDFYN for staking

Apart from its rebased tokenomics, Dfyn revealed that its vesting period has also been changed as private investors would now have to wait for at least 2 years before accessing their investments.

The elongated vesting periods will also ensure that most of our users and investors are part of our journey as we enable a cross-chain exchange and launch the integration with Router Protocolโ€™s XCLP to enable cross-chain swaps. The long vesting will ensure that the majority of our growing supporter base is incentivized as DFYN traverses the exciting arc from promise to potential.

Also, it has recently introduced a new vault option, vDFYN, that has already seen over 6 million DFYN tokens staked on it. With staking, community members can earn protocol fees

Currently, Dfyn has over $300 million in total value locked (TVL). It has so far processed over $3 billion transactions. Additionally, it is always ranked among the world-leading DEXs.

Posted In: DeFi, Exchanges

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Disclaimer: CryptoSlate holds a financial position in Dfyn and was given the opportunity to participate in the presale of this project in exchange for news, analysis, and other types of coverage. CryptoSlate was NOT paid to publish this article.